· News, Thailand
Photo: Siam Piwat
On 5 October 2026 the Thai company Siam Piwat, which is behind Siam Paragon, Siam Center and Siam Discovery and is a co-owner of ICONSIAM, unveiled its first major project outside Bangkok. It is called ICONPHUKET and will be built in Phuket. To clarify straight away: it is not a branch of ICONSIAM and not a copy of the Bangkok shopping centre, but a separate project with its own concept.
What is known about the project
According to the company and the Thai media, investment in ICONPHUKET will amount to 10 billion baht (about 300 million US dollars). The format is described as a Hybrid Retail-Attraction & Entertainment Destination: a combination of retail, tourist attractions and entertainment in one place.
Key parameters announced by the developer:
- 12 world-class attractions, details of each have not yet been disclosed;
- about a third of the project will be given over to entertainment and attractions;
- more than 40% of the site will be green and open space;
- the opening is planned for 2029.
The company is also betting on the southern region as a whole: ICONPHUKET is conceived as a platform for the business, culture and local products of Thailand’s 14 southern provinces.
Where ICONPHUKET will be
The project will be located in Thalang district, Si Sunthon subdistrict, on Thepkasattri Road. This is one of the island’s main roads, linking Phuket International Airport and Phuket Town.
ICONPHUKET will be the centrepiece of Synthesis Ark Phuket, a large mixed-use project by CV Group of Companies worth about 50 billion baht. The master plan includes condominiums, villas, hotels, serviced apartments, offices, educational institutions, as well as health and wellness facilities. The first phase of Synthesis Ark is planned to be completed by 2032. According to The Nation, preparatory works on the site are already under way.
The developer’s forecasts
Siam Piwat expects that once at full capacity ICONPHUKET will receive 80,000 to 100,000 visitors a day, and that the project will support 50,000 to 80,000 jobs during construction and operation. These are the company’s own forecasts, and the Thai press explicitly notes this.
What this may mean for the property market
Our view as Phuket property specialists: large anchor projects usually bring an area new residents, jobs and a reason to visit all year round. For property along the airport, Thalang, Phuket Town axis this is a potential plus for demand for long-term rentals, primarily from families and professionals who will work in the new cluster.
At the same time it is important to stay sober. The opening is three years away, schedules of large construction projects can shift, and some project details have not yet been published. Price growth near such projects is not guaranteed and does not happen automatically. We advise choosing property that is attractive in its own right: by location, developer quality, legal cleanliness and real rental demand today. Then a new project next door becomes a pleasant bonus rather than the only argument.
FAQ
Is this ICONSIAM in Phuket?
No. The project is called ICONPHUKET. It is being developed by Siam Piwat, one of the co-owners of ICONSIAM, but it is a separate venue with its own concept.
When will ICONPHUKET open?
The opening is planned for 2029. The first phase of the surrounding Synthesis Ark Phuket project is due to be completed by 2032.
Will the project include housing?
ICONPHUKET itself is conceived as a retail and entertainment space. Housing, including condominiums and villas, as well as hotels and offices, are planned in the wider Synthesis Ark Phuket project by CV Group.
Would you like to find property in Phuket with the island’s new projects in mind? Write to us and we will prepare a selection for your goals.
Sources
- Media OutReach Newswire, Siam Piwat press release, 05.10.2026: https://www.media-outreach.com/news/thailand/2026/10/05/491843/siam-piwat-to-invest-us300-million-thb10-billion-in-iconphuket-the-icon-of-southern-wonders-opening-in-2029/
- Bangkok Post, 06.10.2026: https://www.bangkokpost.com/business/general/3332024/siam-piwat-bets-big-on-phuket-with-iconphuket
- The Nation Thailand, 05.10.2026: https://www.nationthailand.com/business/corporate/40071882
- Khaosod English, 05.10.2026: https://www.khaosodenglish.com/life/2026/10/05/iconphuket-siam-piwat-10-billion-baht-project/
- The Thaiger, 05.10.2026: https://thethaiger.com/news/phuket/phuket-gets-new-10-billion-baht-destination-iconphuket
- Khaosod (in Thai), 05.10.2026: https://www.khaosod.co.th/economics/news_10425302
- Official project website: https://www.iconphuket.com
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